Ripjar raised £28 million in Series B funding round led by Long Ridge Equity Partners, joined by Winton and Accenture.

Ripjar, a London and Cheltenham, UK-based data intelligence company, announced completing a £28 million ($36.8M) in Series B funding.

The money was raised from investors led by Long Ridge Equity Partners, and joined by existing investors Winton Capital Ltd and Accenture plc.

This funding will accelerate new product development and facilitate the expansion of Ripjar’s ground-breaking data intelligence platform, Labyrinth. Ripjar will also expand its sales and marketing presence in Asia, North America, and Europe, and grow its employee base to support current and future clients.

Ripjar, led by CEO Jeremy Annis, was founded in 2012 by former members of the UK’s Government Communications Headquarters (GCHQ). The company develops software products that combine automation, artificial intelligence, and data visualisation with an emphasis on helping companies manage their exposure to financial crime.

Ripjar’s technology helps leading institutions and government agencies address criminal threats, including money laundering, fraud and terrorism. Utilising proprietary artificial intelligence technology, Labyrinth uncovers new risks, and reduces false positives by over 90%. Labyrinth enables human analysts to make better informed decisions with speed and accuracy, saving significant cost and time for its clients.

Prior to this round, Ripjar has raised about $23M.